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This ABA Banking Journal newsletter is a free, twice-monthly supplement to the ABA Banking Journal magazine intended to help you stay on top of industry and policy news.
You can also stay abreast of banking news by visiting aba.com/BankingJournal, home to ABA Daily Newsbytes stories, digital exclusives, the ABA Banking Journal Podcast and more.
After years of being “FedSoon,” the Federal Reserve’s instant payment network FedNow is preparing to go live this summer. What do banks need to know in the final months before launch?
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Even with all the promise of ChatGPT, and similar conversational AI technologies, humans should be part of the loop and review the outputs that are produced.
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Newer payments systems such as social tokens and virtual cards are growing more popular among midsize businesses to conduct financial transactions, but traditional payment methods such as checks and physical credit cards still dominate, according to a new survey by Citizens Bank.
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Banks connect with customers when they focus on an approach that’s both data-savvy and customer-focused.
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Every bank should establish a core team for crisis management, with a clear idea of which functions should have a seat at the table.
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To help support minority depository institutions and community development financial institutions advance in digital transformation, policymakers and regulators must address bottlenecks that limit growth, according to a recent report by National Bankers Association Foundation.
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ABA wrote to congressional leaders to offer strong support for the bipartisan SAFE Banking Act bill long championed by the association that would address the conflict between state law and federal law over cannabis banking.
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Federal Reserve supervisors did not fully appreciate the extent of the vulnerabilities as Silicon Valley Bank grew in size and complexity, and the bank experienced “a textbook case of mismanagement,” Federal Reserve Vice Chairman for Supervision Michael Barr said in his long-awaited report on the institution’s failure.
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While well-intentioned, the Truth in Lending Act’s mortgage loan originator rules are extremely complex and continue to cause considerable compliance challenges due to their prescriptive and detailed restrictions on compensation for loan originators, ABA said in a letter to the CFPB.
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The CFPB’s proposal to overhaul the safe harbor dollar amount for credit card late fees lacks evidence to support its claim that the rule will not have significant economic effects on a substantial number of small entities, the Small Business Administration’s independent Office of Advocacy wrote in a letter to the bureau.
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ABA and two banking associations asked the leaders of the Senate and House Armed Services Committees to support requiring the Department of Defense to treat banks and credit unions equally by exempting both from rent requirements on military bases.
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A “targeted” deposit insurance system in which additional coverage would be extended to business payment accounts would be the best option for balancing financial stability and depositor protection relative to its costs, the FDIC said in its long-awaited review of the system.
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